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of our minds here, the fiscal cliff. and i would be remiss if i didn't ask you both to weigh in on it. but in the following way, number one, what's going on that we don't understand? number two, what should happen? number three, what's the r.s.c. going to do to help us get to that better state of what should happen? either one of you wants to chime in on that one? >> first of all, you know, if you look at where we are right now, it's because of a number of reasons. jim touched on a few of them, going back to the debt ceiling deal. i did not vote for the budget control act. to me it didn't address the real problem and that's spending. if you look at the debate right now, it's mostly about the debate of how much faxes we need to raise. the president keeps adding more to it because he has an insatiablet appetite to add more. we are not addressing the real problem. i don't think anybody's taxes need to go up. you look at what barack obama said three years ago. if you raise taxes in a bad economy it will make things worse. we
of our minds here, the fiscal cliff. and i would be remiss if i didn't ask you both to weigh in on it. but in the following way, number one, what's going on that we don't understand? number two, what should happen? number three, what's the r.s.c. going to do to help us get to that better state of what should happen? either one of you wants to chime in on that one? >> first of all, you know, if you look at where we are right now, it's because of a number of reasons. jim touched on a few of...
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i do think getting over the fiscal cliff, the deal getting closer to balance the budget is still very important. i do hope because of the discussion that tax reform is something that is taken seriously for this year. i think that is well overdue. there is not time to do it before december 31. it will give businesses a lot of assurances that the government is paying attention to what they are saying. >> you should tell barack obama to find a jim baker. >> think about each time we have reached a crisis point in our country there's been an institutional response to it. we created a central bank. that has proved to be enormous for the past five years and important for years before that. post-world war ii, we create a system and the department of homeland security. i wonder if there's not an institutional -- >> some did not work as well as others. >> that is exactly right. it reflects our values and the focus of the government. we should have a department of homeland prosperity. we need somebody other than the president to think about american competitiveness. something we've taken for gra
i do think getting over the fiscal cliff, the deal getting closer to balance the budget is still very important. i do hope because of the discussion that tax reform is something that is taken seriously for this year. i think that is well overdue. there is not time to do it before december 31. it will give businesses a lot of assurances that the government is paying attention to what they are saying. >> you should tell barack obama to find a jim baker. >> think about each time we...
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. >> once you get to the fiscal cliff there is a clear innovation agenda. and the conditions we will have as a result of the fiscal cliffs did get out that. the first one will be immigration. we agreed and a lot of people say how are we going to compete with china and we can have the entire world at our disposal. under which the best people in the world can come to the u.s. and start businesses. >> then we have to focus on a special in the corporate tax reform to get the system which is simpler and promotes efficiency and these are for american businesses. then we have to and that will -- efficiency will be enormous. the next is an infrastructure investment to be made. in the context of the budget deal we are getting where we will spend less going forward. we have to think about what our values are and the most important things we can spend money are on infrastructure to make investments in the future rather than have short-term spending. and twin that with support for research, basic research and higher education and for education. if government does that
. >> once you get to the fiscal cliff there is a clear innovation agenda. and the conditions we will have as a result of the fiscal cliffs did get out that. the first one will be immigration. we agreed and a lot of people say how are we going to compete with china and we can have the entire world at our disposal. under which the best people in the world can come to the u.s. and start businesses. >> then we have to focus on a special in the corporate tax reform to get the system...
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cliff. >> we can't sit here and try to figure out what works for them. >> we look forward to the time when they are specific. >> they need to be more specific. >> they have to be willing to come to the table with specifics. >> we've not had any discussion and specifics with this president about the real problem. >> we need a response from the white house. we can't sit here and negotiate with ourselves. >> i will not play that game. >> further apart than ever. you've heard endless arguing about higher taxes on the rich. let's set that aside and talk about the sequester the budget wonk word for a thing that will touch every american. $1.2 trillion in automatic budget cuts over the next decade, 100 billion next year alone, half in defense and half in non-defense, defense programs cut by 9.4% across the board and non-defense programs 8.2%. agencies are being told to identify the cuts. how will you feel them? fewer food inspections are likely. cdc budget cuts could make it harder to track food bo
cliff. >> we can't sit here and try to figure out what works for them. >> we look forward to the time when they are specific. >> they need to be more specific. >> they have to be willing to come to the table with specifics. >> we've not had any discussion and specifics with this president about the real problem. >> we need a response from the white house. we can't sit here and negotiate with ourselves. >> i will not play that game. >> further...
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i think we are coming up again at the end of the year, people looking at the fiscal cliff situation and everyday we get something different coming out of washington today, disagreement. tomorrow it could be sounds like talks are progressing. we can see things slip around staying in this broad range across a series of markets and i think he will continue to see that until yo they get some kinf definitive answer and direction out of d.c. we will go from economic standpoint and getting money to work in the most efficient way. liz: good to see you gentlemen, thank you very much. never gets boring around here on fox business lackluster retail sales from the fed announcement yesterday turning on the stick is beginning next month painted the market red leaving me wondering if high investors, the smart money might be changing their investment strategy. we thought we would bring in, millions of dollars, they want to see the money grow. joining us in a fox business exclusive. you seem like a very measured person, that is why you have a lot of wealthy clients because you must do well for them. aft
i think we are coming up again at the end of the year, people looking at the fiscal cliff situation and everyday we get something different coming out of washington today, disagreement. tomorrow it could be sounds like talks are progressing. we can see things slip around staying in this broad range across a series of markets and i think he will continue to see that until yo they get some kinf definitive answer and direction out of d.c. we will go from economic standpoint and getting money to...
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. >> something on all of our minds is the fiscal cliff. i would be remiss if i did not ask you both to weigh in on it in the following way. first, what is going on that we do not understand? number two, what should happen? number 3, what is the rsc going to do to help us get to that sector state, and what should happen? either of you want to chime in on that? >> first of all, if you look at where we are right now, and because of a number of reasons, a few of them going back to the last debt ceiling bill -- i did not vote for the budget control act, and because it did not address the real problem, and that is spending. if you look at the debate, it is mostly a debate about how much in taxes to raise, and the president keeps moving the goal post. he keeps adding more to it. he has an insatiable appetite to spend money and attack other people for it. we are not talking about addressing the real problem. i do not think anybody's taxes should go up. barack obama said three years ago, if you raise taxes in a bad economy, it will make things wors
. >> something on all of our minds is the fiscal cliff. i would be remiss if i did not ask you both to weigh in on it in the following way. first, what is going on that we do not understand? number two, what should happen? number 3, what is the rsc going to do to help us get to that sector state, and what should happen? either of you want to chime in on that? >> first of all, if you look at where we are right now, and because of a number of reasons, a few of them going back to the...
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cliff negotiations, with particular attention to social security. we spoke to an associated press reporter. host: our series on the fiscal cliff continues this morning with a dive into social security. here to talk about the program and how it is involved in the discussions, the negotiations over america's financial future, is stephen ohlemacher, joining us from the associated press, where he is a reporter. how much social security do people get? guest: a little more than 66 million people. the average benefit is a little over $12,000 -- a little over $1,200 a month. maybe $13,000 a year or so. host: we are talking about retirees and the disabled. guest: a fairly wide group of people receive social security benefits. retired workers, spouses, children, disabled workers, widows, widowers. a big safety net of people. host: retirees receive about $1,200 a month on average. the benefits for the disabled, $1,100 a month on average. how does social security get financed? guest: it has been a self-funded program since its inception. it is funded by payroll
cliff negotiations, with particular attention to social security. we spoke to an associated press reporter. host: our series on the fiscal cliff continues this morning with a dive into social security. here to talk about the program and how it is involved in the discussions, the negotiations over america's financial future, is stephen ohlemacher, joining us from the associated press, where he is a reporter. how much social security do people get? guest: a little more than 66 million people. the...
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. >> dana: i have something also about the fiscal cliff. something you haven't heard about is rural america is under threat from a major raise in taxes. death and state taxes. throw up the map. senator from wyoming put this out. 526,421 family farms threatened by the new death tax. mostly because assets are tied up in land. you're land rich and cash poor. this hurts a lot of people. >> greg: this plays in the old phrase buying the farm. >> dana: it plays in something i want to tease for friday, which is i am -- i got to buy the farm. get it. think we haven't heard that. >> bob: promote something? >> dana: on friday, tomorrow i'm going to vegas and i'm going to the national rodeo -- the national finals rodeo sponsored by wrangler. i went last year and i got to interview the rodeo queen. the new rodeo queen this year and talk to a few other people and chance to go to the rodeo and see my family. >> eric: that's nice. >> dana: that's it? "that's nice." >> kimberly: it sundays fun. you know how to ride a horse. >> bob: ride a bull. >> dana: we
. >> dana: i have something also about the fiscal cliff. something you haven't heard about is rural america is under threat from a major raise in taxes. death and state taxes. throw up the map. senator from wyoming put this out. 526,421 family farms threatened by the new death tax. mostly because assets are tied up in land. you're land rich and cash poor. this hurts a lot of people. >> greg: this plays in the old phrase buying the farm. >> dana: it plays in something i want to...
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the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche? could you elaborate about that kind of threat? >> would you mind if i steal that from you? i will give you credit. i think it is right. i do think -- that is why what you're doing now is so important. this is a once in a generation opportunity for you to nail these things down. we're not that far apart. i really do not think we are. if you are able to put us on a credible path to fiscal sustainability, do it in a balanced way, i think we are golden. i think we will avoid that avalanche. if we do not do that, ultimately, it means we will never do it until we're forced by
the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche?...
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i think the fiscal cliff is this false deadline. this is a crisis that is entirely created by congress and the president. you pick the right four things. the amt, unemployment, extended benefits, and i think there is a little more wiggle room on that one, but it is an issue, and the state tax. these things are critical. they have to be done. they will have to make some sort of decision as to what to do on the sequester and tax policy. my recommendation would be they simply extend all current policy with regard to those two. they are running out of time. hawaii shortly. it is not the time to go through complex policy issues because you will give them the short shrift. they should accept them. -- they should extend to them for some period of time like them the more hard deadlines when issues need to be addressed. these are strongly agreed to by partisan issues, raise the retirement age for medicare. take care of reducing subsidies and medicare by testing premiums, at a premium for part a. then there is further means testing that could
i think the fiscal cliff is this false deadline. this is a crisis that is entirely created by congress and the president. you pick the right four things. the amt, unemployment, extended benefits, and i think there is a little more wiggle room on that one, but it is an issue, and the state tax. these things are critical. they have to be done. they will have to make some sort of decision as to what to do on the sequester and tax policy. my recommendation would be they simply extend all current...
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has to give in this fiscal cliff play the states have to contribute something to the to the you know to the party so you think that if if this tax exempt status of interest is curbed to an extent it's not going to impact borrowing costs for cities or states dramatically because the demand is so high for newbies it's going to be impacted but you see assessments they range from like ten basis points to you know one hundred basis points and you know it's a function of where interest rates are at the time and stuff the point is there's massive demand in fact many investors are cut out from being in this market just because you know most of the bonds are flowing up to the top income brackets just the way j.p. i'm for example j.p. morgan massive underwriter a lot of those bonds go into their own clients accounts so you know if you're not a client you're less likely to get the bonds. or the others in the end ratings and ok and just quickly before we go why have there been such demand for muni's lately because people want to shelter their income from dex is. there yamit very avid all right w
has to give in this fiscal cliff play the states have to contribute something to the to the you know to the party so you think that if if this tax exempt status of interest is curbed to an extent it's not going to impact borrowing costs for cities or states dramatically because the demand is so high for newbies it's going to be impacted but you see assessments they range from like ten basis points to you know one hundred basis points and you know it's a function of where interest rates are at...
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whether it's the fiscal cliff, the fed meeting. what are the proceed right now? >> we've got bob from s&p capital iq. steven wood and gordon shallop. great to have you all on the show. you normally get the priority of speaking first. what are you doing right now? >> right now we're anticipating for volatility. we knew it was going to be a volatile fourth quarter. there's a lot of policy induced volatility. that said, the economy in the united states has not changed that much. it's grinding along. that recovery we've been talking about for a long time. so it's measurably positive, not robustly positive. that's kind of doing battle with just about offsetting some of the policy risk. >> the fear is all that changes if we go over the cliff. >> it would. right now the forecast is there's some compromise. there's a short-term compromise. they buy time. and they use that to get the silhouette of a grand bargain. if they use the time well, the markets could like that. if we do go off the cliff, that's 8% of gdp. >> what's your expectation, bob? >> we put out a research s
whether it's the fiscal cliff, the fed meeting. what are the proceed right now? >> we've got bob from s&p capital iq. steven wood and gordon shallop. great to have you all on the show. you normally get the priority of speaking first. what are you doing right now? >> right now we're anticipating for volatility. we knew it was going to be a volatile fourth quarter. there's a lot of policy induced volatility. that said, the economy in the united states has not changed that much....
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the fiscal cliff. oh my goodness, the fiscal cliff is now just -- wow, 20 days away. so what are we going to do? some have suggested that we really have to deal with entitlements. and i'm here to agree that we can and we should deal with entitlements. certainly two of those issues, which i really don't think we ought to call entitlements but are fundamental programs here in america for americans, should be dealt with. one that some people want to put on the table really doesn't deal with the deficit at all, and that's social security. so before we even get into this discussion tonight, let's just understand or anybody that cares to take on this issue that in dealing with the fiscal cliff, social security is not the problem. the deficit is not caused by social security. social security has never been and in its present form, will not be part of the deficit issue. it's separate and apart. it is a special program. has its own source of revenue. has its own trust fund and isn't running the deficit at all a
the fiscal cliff. oh my goodness, the fiscal cliff is now just -- wow, 20 days away. so what are we going to do? some have suggested that we really have to deal with entitlements. and i'm here to agree that we can and we should deal with entitlements. certainly two of those issues, which i really don't think we ought to call entitlements but are fundamental programs here in america for americans, should be dealt with. one that some people want to put on the table really doesn't deal with the...
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as soon as the holidays end, we're most likely going to go over the fiscal cliff. something that could crush the consumer. all of which means it's a very confusing moment. we want to stick with best of breed that can come bouncing back whenever our leaders reach a deal. companies like ascena retail group, asna. formally known as dress barn. we've been fans because they have a terrific model. own multiple niche brands, maurice's for 20-something women, dress barn, appeals to a more middle aged woman, and charming shops, giving them two successful plus-sized chains. i believe in this deal because they have a record of making transitions work. the stock got slammed today, falling 4.3%, they delivered a four-cent earnings beat, revenues were in line, but still rose 48% year-over-year. and they reaffirmed their guidance for 2013, numbers slightly less than what some on wall street were expecting. what happened here, i think, is the stock ran 35% for the year. expectations got to elevated for some, well, they say they were disappointed. let's talk to the president and ce
as soon as the holidays end, we're most likely going to go over the fiscal cliff. something that could crush the consumer. all of which means it's a very confusing moment. we want to stick with best of breed that can come bouncing back whenever our leaders reach a deal. companies like ascena retail group, asna. formally known as dress barn. we've been fans because they have a terrific model. own multiple niche brands, maurice's for 20-something women, dress barn, appeals to a more middle aged...
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the fiscal cliff is something that we need to go over, that way we can enhance our military to special forces and get us some better weaponry. lose the people who are vacationing in all of these foreign countries, limiting the military to doing what it absolutely has to do. host: you are probably the fourth person here who has said we should go over the cliff. the headline from november in "the financial times" was that the fall in consumption would be $200 billion if we go over the cliff. that the u.s. consumer is crucial to growth, they went on to say, because it made up 70% of gdp. some are predicting a recession, a downgrade of our rating for the country. you think it would be ok to go over the cliff? caller: put it this way. only in the last 2000 years of human existence, every time a country goes above 20% tax rate, they failed. rome, babylon. go throughout human history. we are saying it is a 50% tax rate now. what about an 80% tax rate? we cannot survive as a government entity by having so many man hires attached to the host. host: another item attached to the table for debate
the fiscal cliff is something that we need to go over, that way we can enhance our military to special forces and get us some better weaponry. lose the people who are vacationing in all of these foreign countries, limiting the military to doing what it absolutely has to do. host: you are probably the fourth person here who has said we should go over the cliff. the headline from november in "the financial times" was that the fall in consumption would be $200 billion if we go over the...
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all right, the fiscal cliff and something only congress can do that we have lou dobbs easy with us now. it is actually a good comedy. the nero reference is wrong. all the drama here. is it a shakespearean play? lou: i mean, hands flailing -- many of the sentences that attached to the one that preceded. it is great political theater if you like farce. that is what we are witnessing here. the house speaker today saying that at least at the end of the day, we have some serious problems and that he and the president are separated by the seris problems. as if this were a newsflash for the international news media. we have some problems, and they are going to start on the first of january. it is pretty clear that the president wants to go over the fiscal cliff. speaker boehner, i think, is right to say that your ultimatum. you eat it, it's your deal. we will let it all play out. tracy: deep into the root of all this is political discorin general. but all everyone thinks about is the next vote. speaker boehner thinking about his reelection. no one is thinking about the bigger cause. it is rea
all right, the fiscal cliff and something only congress can do that we have lou dobbs easy with us now. it is actually a good comedy. the nero reference is wrong. all the drama here. is it a shakespearean play? lou: i mean, hands flailing -- many of the sentences that attached to the one that preceded. it is great political theater if you like farce. that is what we are witnessing here. the house speaker today saying that at least at the end of the day, we have some serious problems and that he...
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all right, do you think we are headed off the fiscal cliff? let us know. give us an e-mail at gerri@foxbussiness.com. >> coming up on "the willis report", tax dollars have bailed out these workers. we have the shocking findings of a new report coming up next. also, for those fed up with apple's disaster mapping system, google maps is back in business for your iphone. details coming up later. also, they say no news is good news. but this you will definitely want to hear. new evidence of obamacare doing more harm than good to your bottom-line. we will have the latest and we are on the case next in "the willis report." speed. tracy: fannie mae and anyone sparking outrage over six-figure salaries. many executives are raking in serious money. these agencies have accrued $138 billion in taxpayer funding. they still owe us $137 billion of that. for more on this, let's bring in rich edson. a former executive vice president. he is now president and fellow -- excuse me, resident fellow at the american enterprise institute. these salaries are really bothering a lot o
all right, do you think we are headed off the fiscal cliff? let us know. give us an e-mail at gerri@foxbussiness.com. >> coming up on "the willis report", tax dollars have bailed out these workers. we have the shocking findings of a new report coming up next. also, for those fed up with apple's disaster mapping system, google maps is back in business for your iphone. details coming up later. also, they say no news is good news. but this you will definitely want to hear. new...
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waiting for news on the fiscal cliff and what ben bernanke if he have anything to say about the fiscal cliff after two-day meeting by federal reserve. they are also watching for bond action. i want to touch on something you were saying. mcdonald's, a a contributor to the dow strength. these are contributing, very moderate strength. we are seeing strength and materials, healthcare industrials, that where mcdonald's trades, they are lower today. one of the reasons we were talking about same store sales and mcdonald's being stronger, that is a boost to its stock. but we have seen a pull back, most notably the gap before pressure. disappointed and a number of retailers did. that number is a mixed as we head toward thursday. the retailers on the retail sales figures for the month of november. quickly, touch on one deal today. honeywell making acquisition of intermac. $10 a share. honeywell, it wasn't unexpected. started taking a leg down on that. brian back to you. >> mary, thank you. >>> part of what is giving the market move today along with renewed confidence perhaps. in the chinese econ
waiting for news on the fiscal cliff and what ben bernanke if he have anything to say about the fiscal cliff after two-day meeting by federal reserve. they are also watching for bond action. i want to touch on something you were saying. mcdonald's, a a contributor to the dow strength. these are contributing, very moderate strength. we are seeing strength and materials, healthcare industrials, that where mcdonald's trades, they are lower today. one of the reasons we were talking about same store...
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. >> next, speaker john boehner and nancy pelosi on the fiscal cliff negotiations. and live as 7:00 a.m., your calls and comments on "washington journal." >> i think reuters institute is something that is important within the culture. we are a culture of words, voices. words are key to our imagination, our capacity to envision things. we are not completely tied to print on the page in the sense of writing. i think there is no other art forms so readily accessible, other than perhaps film, which we work with, too. it is something -- there is something in literature that catches the human spirit. >> joined book tv, american history tv, and c-span's local content vehicle as we look at the literary life of new york's capital city, albany. sunday at 5:00 p.m. on american history tv on c-span 3. >> house speaker john boehner told reporters the white house has wasted another week in negotiations of the fiscal cliff. this is about five minutes. >> good morning. this is not a progress report. there is no progress to report. when it comes to the fiscal cliff that is threateni
. >> next, speaker john boehner and nancy pelosi on the fiscal cliff negotiations. and live as 7:00 a.m., your calls and comments on "washington journal." >> i think reuters institute is something that is important within the culture. we are a culture of words, voices. words are key to our imagination, our capacity to envision things. we are not completely tied to print on the page in the sense of writing. i think there is no other art forms so readily accessible, other...
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. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and that the marketplace does not differentiate whether you take the money from rich people, poor people or middle class. the marketplace says if you are going to take $800 billion, are you taking it out of the private sector, the productive sector, and are you going to give it to the nonproductive sector in washington? basically the sector of people who are always messing up things in the marketplace? are you going to do that? if you are going to do that, it's a bad idea no matter whether it's rich people, middle class or poor. doesn't matter. if you take money out of the private sector, it's a bad idea. >> well,
. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and...
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the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche? could you elaborate about that kind of threat? >> would you mind if i steal that from you? i will give you credit. i think it is right. i do think -- that is why what you're doing now is so important. this is a once in a generation opportunity for you to nail these things down. we're not that far apart. i really do not think we are. if you are able to put us on a credible path to fiscal sustainability, do it in a balanced way, i think we are golden. i think we will avoid that avalanche. if we do not do that, ultimately, it means we will never do it until we're forced by
the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche?...
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. >> christin, something else on the fiscal cliff. a drop in confidence and zero u.s. economic growth with no agreement on this fiscal cliff and indeed a ripple effect in the eurozone and elsewhere. do you think the politicians understand the kind of seriousness of the game that they're playing at the moment? >> i think they do and a good sign is notice in the last day or two, you haven't been hearing as much come out of either members of congress or the white house. president obama right now is i think on the road in detroit. gave a speech today about the economy. but you're seeing a little bit less of the sort of back and fort we saw a weeking a with tim geithner putting out a plan and republicans releasing a letter publicly. i think negotiations of this kind best if they're happening without a lot of the public political posturing. i think that's the direction you have seen things go in the last few days so i'm hoping that's a good sign for things and taken seriously. >> i hope you're right. it is childish, i think. finally for you, gary. this ongoing battle blowing
. >> christin, something else on the fiscal cliff. a drop in confidence and zero u.s. economic growth with no agreement on this fiscal cliff and indeed a ripple effect in the eurozone and elsewhere. do you think the politicians understand the kind of seriousness of the game that they're playing at the moment? >> i think they do and a good sign is notice in the last day or two, you haven't been hearing as much come out of either members of congress or the white house. president obama...
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is this something that can work out. like they did it wall street before the fiscal cliff hits? if we could rebuild when we're in such bad shape. host: thank you, judy. guest: repaying the money that was barred from social security. that money will be repaid unless congress does something different. think about the $2.7 trillion as spending authority for the social security administration. they can pay full benefits under the law. that money will be paid back over time unless congress changes something. putting more revenue money into social security, right now the appetite in congress is to cut spending. that might be a difficult sell. one reason the program is popular is it is self funded through payroll taxes. there's been a temporary cut in payroll taxes over the past two years. to change the funding of the nature could be done. advocates worry about the consequences of that and making it compete with other dollars with other government programs. congress doesn't touch it and still stays there. if it is competing for scarce dollars, it is more likely it will be cut. host: we
is this something that can work out. like they did it wall street before the fiscal cliff hits? if we could rebuild when we're in such bad shape. host: thank you, judy. guest: repaying the money that was barred from social security. that money will be repaid unless congress does something different. think about the $2.7 trillion as spending authority for the social security administration. they can pay full benefits under the law. that money will be paid back over time unless congress changes...
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the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche? could you elaborate about that kind of threat? >> would you mind if i steal that from you? i will give you credit. i think it is right. i do think -- that is why what you're doing now is so important. this is a once in a generation opportunity for you to nail these things down. we're not that far apart. i really do not think we are. if you are able to put us on a credible path to fiscal sustainability, do it in a balanced way, i think we are golden. i think we will avoid that avalanche. if we do not do that, ultimately, it means we will never do it until we're forced by
the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche?...
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. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and that the marketplace does not differentiate whether you take the money from rich people, poor people or middle class. the marketplace says if you are going to take $800 billion, are you taking it out of the private sector, the productive sector, and are you going to give it to the nonproductive sector in washington? basically the sector of people who are always messing up things in the marketplace? are you going to do that? if you are going to do that, it's a bad idea no matter whether it's rich people, middle class or poor. doesn't matter. if you take private sector, it's a bad idea. >> well, it's not as thoug
. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and...
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going over the fiscal cliff is not good for anyone. it bothers me sometimes if i hear people on both the left and the right entertain this is something that might be good politics. may be good politics for somebody, but it's bad economics for the american economy and more important for people looking for a job and people trying to hold on to a job. >> last question. i want to go back to the premise that you and other republican members of the house would be willing to allow that top tier tax rate to go higher. you know, speaker boehner's argument all this time is that it doesn't effect just those top-earning americans, but it also effects the small business owners in this country. the job creators in this country. >> the speaker's right about that. >> is that valid anymore? >> i'm not willing to -- i don't want to raise those. >> but you're willing to at least talk about it right now? >> they go up automatically. the sun's going to come up in the east tomorrow morning and set in the west. doesn't mean i had a darn thing to do with it c
going over the fiscal cliff is not good for anyone. it bothers me sometimes if i hear people on both the left and the right entertain this is something that might be good politics. may be good politics for somebody, but it's bad economics for the american economy and more important for people looking for a job and people trying to hold on to a job. >> last question. i want to go back to the premise that you and other republican members of the house would be willing to allow that top tier...
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cliff. what the president does not want to talk about. plus senator jim demint is here to tell you why he is leighing the senate. this is "special report." this is "special report." ♪ ♪ good evening >> good evening. i'm bret baier. much of the public debate focuses on taxes. democrat want to raise them on high earners. republicans don't. but there is another part of the equation that gets less attention. that is spending cuts. chief white house correspondent ed henry looks in to that tonight. >> reporter: pulling on the heart strings as if he were back on the campaign trail, president obama visited middle class family in virginia. >> a couple of thousand dollars means a couple months' rent for this family. >> once again, he was trying to frame the battle oaf the fiscal cliff as being all about taxes. with no mention of spending cuts. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. but i do remain optimistic that we can get s
cliff. what the president does not want to talk about. plus senator jim demint is here to tell you why he is leighing the senate. this is "special report." this is "special report." ♪ ♪ good evening >> good evening. i'm bret baier. much of the public debate focuses on taxes. democrat want to raise them on high earners. republicans don't. but there is another part of the equation that gets less attention. that is spending cuts. chief white house correspondent ed...
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the way we can avoid the fiscal cliff, which i think we need to avoid is to go with something like -- we are all dying out here in traffic chance of both ends of the day. if we use satellite computer technology to analyze, prioritize commack and design. the 163% one is also dangerous. two men have been killed of their in the past three years. in the first years of its existence it was considered one of the most accident prone and the stages. host: you think this should be at the top of the fiscal cliff negotiations right now? caller: yes, because it would put a lot of people to work with our infrastructure. we have a big problem with our infrastructure. traffic is deplorable. up in's lives are going smoke. host: tony is from fort worth, texas. welcome to "the washington journal." caller: i think this a compromise because if they do not compromise and go over the cliff, this will set the standard for the next four years. i worked -- i voted for president obama, but i was also afraid he could not get anything done at the last four years. i believe that if they really want to put the ame
the way we can avoid the fiscal cliff, which i think we need to avoid is to go with something like -- we are all dying out here in traffic chance of both ends of the day. if we use satellite computer technology to analyze, prioritize commack and design. the 163% one is also dangerous. two men have been killed of their in the past three years. in the first years of its existence it was considered one of the most accident prone and the stages. host: you think this should be at the top of the...
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cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... i'm with scottrade. >>> one of the most bizarre man hunts in recent memory is coming to an end in central america, we think. wealth editor robert frank has the latest details on the arrest of john mcafee. >> ye
cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with dedicated...
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second, there is that fiscal cliff. it does not appear that we will see something here. that will be positive and significant. there is a billion-dollar number that is key. the revenue side, that is the key number. how do you get to that number? >> $600 billion? >> wasn't that the number two summers ago in 2011? >> i do not think so. you need the white house? >> yeah. >> we have a minute left. anyone else? >> i do not think we need to argue about the cbo right now for all the reasons we talked about. the outcomes of these experiments are uncertain. cbo cannot buy in before it knows the evidence. i strongly support what he said about leadership. this is a moment for a huge opportunity. the president needs to lead and the leaders of congress need to sit down and work this thing out. it is not that hard. we need to do it. other countries do it. we can do it. there is no reason why we should miss this huge opportunity to stabilize our that and in the -- stabilize our debt and in the process over the next few months to reform the health care system gradually and our tax code
second, there is that fiscal cliff. it does not appear that we will see something here. that will be positive and significant. there is a billion-dollar number that is key. the revenue side, that is the key number. how do you get to that number? >> $600 billion? >> wasn't that the number two summers ago in 2011? >> i do not think so. you need the white house? >> yeah. >> we have a minute left. anyone else? >> i do not think we need to argue about the cbo...
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caller: i want to talk about the fiscal cliff and several issues. on 55 years old. i finished college. -- i am 55 years old. i have run in several businesses. i decided to go into nursing. i have been unemployed for the last year and they took food stamps and i now have a job for $9 an hour. i what the republicans to tell me how i'm supposed to live on $9. i have a daughter in college. they don't care. they only care about the rich and the bigger corporations. host: going back to the opening question when people look at what is happening in washington as an example of what he is now dealing with. tough.est: these are really big issues. we just had an election where the president ran on tax reform and this is a big friction point right now in terms of who should pay more in trying to settle these fiscal issues. host: another big part of the debate is going to be taxes. who makes up this organization and what will be their focus next year? guest: the rate coalition as a group of companies like verizon and there are a bunch of them all a part of this. host: at&t, home
caller: i want to talk about the fiscal cliff and several issues. on 55 years old. i finished college. -- i am 55 years old. i have run in several businesses. i decided to go into nursing. i have been unemployed for the last year and they took food stamps and i now have a job for $9 an hour. i what the republicans to tell me how i'm supposed to live on $9. i have a daughter in college. they don't care. they only care about the rich and the bigger corporations. host: going back to the opening...
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below that, governors say the fiscal cliff would hurt their states' economies. several governors met at the white house yesterday and with political leaders to say something needs to be done or their economies and on the state level will be heard. -- be hurt. let's go to walter in new jersey, independent caller. good morning. caller: good morning. i don't know what's wrong with these people, because they have to come to some kind of agreement. the gop has to give ground, taxes wouldybody's go up just to save 2%. it just does not cut it. it is a bad move politically and bad for the country. host: polloi in johnsonville, virginia. -- floyd. caller: i was thinking about the fiscal cliff. i don't think that's the problem at. the problem is when we fell off the moral cliff. our president said gay marriage was ok. and america killing so many babies. side,e get back on god's everything else will take care of itself. that's the way it is. a guy said it seemed like christians are down and out. let me tell you, christians are the happiest people there is, because we have
below that, governors say the fiscal cliff would hurt their states' economies. several governors met at the white house yesterday and with political leaders to say something needs to be done or their economies and on the state level will be heard. -- be hurt. let's go to walter in new jersey, independent caller. good morning. caller: good morning. i don't know what's wrong with these people, because they have to come to some kind of agreement. the gop has to give ground, taxes wouldybody's go...
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frankly the fiscal cliff, josh and i have talked about this, wouldn't cause me to do anything. i don't run my fort folio purely for tax consequences. if something's near your price target and you're a holder, then you want to sell. but truth of the matter is is that it's not going to affect that many people. you're talking about what's not a huge increase in terms of the capital gains on a percentage basis. go from 20% to 25% is not that big of deal if you're looking for 30% upside in a name. >> there are people who are selling stocks based on an expected rise in the capital gains rate. >> it may be a huge mistake. >> why not sell and buy it back? >> because then you're pushing your taxes you're paying forward. those taxes that you're paying, you're losing use of that capital for compounding. that's why you don't do it. if you're in the upper, upper brackets maybe you want to consider it. >> let me push back on sprint. there was news david faber was talking about. this sprint/clearwire deal is closer. that doesn't change -- >> not at all. a distant third in a two horse race. i
frankly the fiscal cliff, josh and i have talked about this, wouldn't cause me to do anything. i don't run my fort folio purely for tax consequences. if something's near your price target and you're a holder, then you want to sell. but truth of the matter is is that it's not going to affect that many people. you're talking about what's not a huge increase in terms of the capital gains on a percentage basis. go from 20% to 25% is not that big of deal if you're looking for 30% upside in a name....
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the issue of the fiscal cliff, what's it mean? it is probably the most known phrase in politics. they say, you have to wait for everything. people understand you have to do a piece of the puzzle. you can do it today. the opportunity to keep this economy moving, it has done very well the last few years. we always wait for the big deal and something never happens. this is a chance for the middle class tax cut. i would encourage every day, what is holding it out? -- it up? you will see yourself getting a tax cut for the remainder of next year if we just move them forward. again, it is finished of the senate side. >> i want to thank my colleagues for the leadership on the steering committee in this area. we have senator olympia snowe, bill kristol of the weekly standard, like simpson of idaho. david brooks. walter jones. the national review. we're here to say that passing the middle class tax cut is the right thing to do. you don't need to take our word for it. 2/3 of the american public agree with us. you don't need to take that word either. listen to the speaker's own party. it is
the issue of the fiscal cliff, what's it mean? it is probably the most known phrase in politics. they say, you have to wait for everything. people understand you have to do a piece of the puzzle. you can do it today. the opportunity to keep this economy moving, it has done very well the last few years. we always wait for the big deal and something never happens. this is a chance for the middle class tax cut. i would encourage every day, what is holding it out? -- it up? you will see yourself...
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fiscal cliff? can't we call it something else? >> dana: sure. >> eric: monetary -- >> greg: liberal fantasy. >> bob: one more thing on the table. can obama sell cuts in entitlements to his senate? >> dana: not acarding to harry reid. >> eric: leave it there. we'll stay on it. don't go away. more on developing news washington, including ambassador susan rice. we'll get on that when we come back. ♪ ♪ ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, children laughing ] move to the country, d live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. often comes with a set of equally impressive instructions ? shouldn't something that's
fiscal cliff? can't we call it something else? >> dana: sure. >> eric: monetary -- >> greg: liberal fantasy. >> bob: one more thing on the table. can obama sell cuts in entitlements to his senate? >> dana: not acarding to harry reid. >> eric: leave it there. we'll stay on it. don't go away. more on developing news washington, including ambassador susan rice. we'll get on that when we come back. ♪ ♪ ♪ [ male announcer ] this is karen and jeremiah. they...
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and the federal reserve have both forecast the -- if we have the fiscal cliff, unemployment will go up substantially. is that something you're willing to see happen if the republicans continue to refuse to compromise? >> we've kicked the can down the road for too long. we're not going to do it anymore. we want certainty. the only way to have certainty is to have the rich pay a little bit more. the meetings with the business round table and other groups i've met with, including the business round table, the people who are making this money, they're willing to pay the extra money. the american people believe they should pay the extra money. there's polls out today, by a 2-1 mar general the american people believe this to be the case. the only people in america who disagrow with that are republicans who serve in the building we're in now. >> are you willing to allow that forecast recession -- >> the president has been very clear. he's been very clear, i've been very clear. republicans have to make sure they allow the rate increase to take place. >> is there a way to have any kind of stiml
and the federal reserve have both forecast the -- if we have the fiscal cliff, unemployment will go up substantially. is that something you're willing to see happen if the republicans continue to refuse to compromise? >> we've kicked the can down the road for too long. we're not going to do it anymore. we want certainty. the only way to have certainty is to have the rich pay a little bit more. the meetings with the business round table and other groups i've met with, including the...
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caller: i want to talk about the fiscal cliff and several issues. i am 55 years old. i finished college. i have run in several businesses. i decided to go into nursing. i have been unemployed for the last year and they took food stamps and i now have a job for $9 an hour. i want the republicans to tell me how i'm supposed to live on $9. i have a daughter in college. they don't care. they only care about the rich and the bigger corporations. host: going back to the opening question when people look at what is happening in washington as an example of what he is now dealing with. guest: it's tough. these are really big issues. we just had an election where the president ran on tax reform and this is a big friction point right now in terms of who should pay more in trying to settle these fiscal issues. host: another big part of the debate is going to be taxes. who makes up this organization and what will be their focus next year? guest: the rate coalition as a group of companies like verizon and there are a bunch of them all a part of this. host: at&t, home depot, lockhee
caller: i want to talk about the fiscal cliff and several issues. i am 55 years old. i finished college. i have run in several businesses. i decided to go into nursing. i have been unemployed for the last year and they took food stamps and i now have a job for $9 an hour. i want the republicans to tell me how i'm supposed to live on $9. i have a daughter in college. they don't care. they only care about the rich and the bigger corporations. host: going back to the opening question when people...
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i have two questions concerning the fiscal cliff. the cash cuts that republicans -- the spending cuts on medicare. why don't we allow them to negotiate medicare and to reduce the cost of medicine? that should save you a lot of money yearly. i agree totally about the republicans and democrats spending money stupidly just before the election. both sides voted to refurbish something like 170 army tanks that the army said they'd do not need. they went and voted to repair those tanks. why are we wasting our money? democrats want to cut taxes. host: armstrong williams? guest: we haven't gotten to affordable care and medicare and medicaid. if affordable care was administered correctly and if he did not have the special interest groups and if tort reform was not included, package you move forward in making health care work for anyone if you do not bring tort reform to the table? the medical malpractice lawsuits are out of control where doctors are paranoid and have to think twice before going through these procedures. it becomes a nightmare
i have two questions concerning the fiscal cliff. the cash cuts that republicans -- the spending cuts on medicare. why don't we allow them to negotiate medicare and to reduce the cost of medicine? that should save you a lot of money yearly. i agree totally about the republicans and democrats spending money stupidly just before the election. both sides voted to refurbish something like 170 army tanks that the army said they'd do not need. they went and voted to repair those tanks. why are we...
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you got every day we're a little closer to the fiscal cliff. every day republicans are here, speaker boehner is here, leader mcconnel is here, lead ready to negotiate, ready to deal, ready to do something that will avoid what everybody agrees would be a disaster and yet the president seems to be content with just traveling around the country doing a victory lap or something at the very time he ought to be here in washington, d.c. sitting down across tremendous table -- across the table from the people who can help us avoid what would be a very, very bad situation for our country economically. it's about jobs and the economy, mr. president. you said it, ewe agree with that, now let's get to work and try to fix it. >> for people who spent a lifetime spilleding a small business in a community, and small communities around the country have a dry cleaner a florist, a car wash, those small businesses will be impacted by the change in the death tax that occurs on january 1. many will not be able to continue to hold that business in the family if they
you got every day we're a little closer to the fiscal cliff. every day republicans are here, speaker boehner is here, leader mcconnel is here, lead ready to negotiate, ready to deal, ready to do something that will avoid what everybody agrees would be a disaster and yet the president seems to be content with just traveling around the country doing a victory lap or something at the very time he ought to be here in washington, d.c. sitting down across tremendous table -- across the table from the...
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but whenever there's job growth, it's something to say thank you for. to be hopeful that we're going to have a better future sglp one of the things that occurs to me as we pivot to discussing the fiscal cliff, in this country the thing we have lacked for 25 years, 30 years, is income growth. the result it seems to me is that we have substituted the growth of debt for the lack of income growth. what would you say we need to do to reduce the debt growth and increase income growth? >> we need wages that grow as fast as inflation or faster than inflation. >> how do you get that? >> well, it is difficult. i think we've got to stop the outsourcing of good paying manufacturing jobs and rebuild those kind of industries. many of them were in urban communities that gave people who may not have had a college education a chance with a good skill to earn a good living. take care of their family. we've seen -- really we've lost so many of those jobs by outsourcing. it was good news this week -- >> when you hear apple saying they're going to build a factory -- >> cong
but whenever there's job growth, it's something to say thank you for. to be hopeful that we're going to have a better future sglp one of the things that occurs to me as we pivot to discussing the fiscal cliff, in this country the thing we have lacked for 25 years, 30 years, is income growth. the result it seems to me is that we have substituted the growth of debt for the lack of income growth. what would you say we need to do to reduce the debt growth and increase income growth? >> we...